LAW514: Commercial Law – Jak Case Study Assessment Answer

By
Responsive Centered Red Button

Need Help with this Question or something similar to this? We got you! Just fill out the order form (follow the link below), and your paper will be assigned to an expert to help you ASAP.

Order Form

Code: LAW514

Commercial Law Jak Case Study Assessment Answer

Assignment Task: LAW514

Jak Case Study

Jak has worked as a successful accountant for several years since graduating with a double major in finance and accounting. He is 28 years old and is looking to start his own accounting practice in Parap, Northern Territory. He has saved up a substantial amount of capital, however, he will still need to borrow $25,000 to finalize the
arrangements. He has no assets and cannot obtain a loan without a guarantor. Jak consults his elderly parents, who grew up in Australia. He tells them he has a fantastic idea and that he needs their help. Jak’s parents have always been very proud of him and think his plans are fantastic. Jak tells his parents he needs only $25,000 and this
will be repaid within 6 months, after which time they would be under no further liability.
Arrangements are made for a bank manager to visit Jak’s parents and they both sign as guarantor for Jak. However, the agreement they sign is one for an infinite credit limit over an unlimited period.

Jak borrows $50,000 from the bank for a term of 4 years. His business goes well for some time. However, after 9 months rival practices open which significantly slows Jak’s revenue stream, forcing him to default on his loan obligations. The bank calls in the loan and approaches Jak’s parents for the balance, a sum of $43,000.

Required: LAW514
1. Jak’s parents do not have $43,000 readily available to repay the loan and they fear to lose their family home. They seek your advice.
2. How would your advice be different if, instead of Jak convincing his parents to act as guarantors, he had asked his wife Isabelle to co-sign a loan agreement? Isabelle has arrived in Australia 5 months ago from France. She speaks broken English and works as an artist.

This LAW514: Commercial Law Assessment has been solved by our Law experts at TVAssignmentHelp. Our Assignment Writing Experts are efficient to provide a fresh solution to this question. We are serving more than 10000+ Students in Australia, UK & US by helping them to score HD in their academics. Our Experts are well trained to follow all marking rubrics & referencing style.

Be it a used or new solution, the quality of the work submitted by our assignment experts remains unhampered. You may continue to expect the same or even better quality with the used and new assignment solution files respectively. There’s one thing to be noticed that you could choose one between the two and acquire an HD either way. You could choose a new assignment solution file to get yourself an exclusive, plagiarism (with free Turnitin file), expert quality assignment or order an old solution file that was considered worthy of the highest distinction.

How to create Testimonial Carousel using Bootstrap5

Clients' Reviews about Our Services